On Tuesday 1st September, audit leaders from across Scotland came together for Rutherford Cross’ second Audit Roundtable of the year to discuss the key issues shaping the profession’s future, from AI and innovation to talent, regulation and the economics of audit. The session provided an opportunity for open and honest discussion, with leaders sharing challenges, insights and perspectives from across the market. Following the event, we asked Alyson Banford to reflect on the conversation and share her key takeaways.
1. What were your key reflections from the roundtable?
I left the discussion feeling positive about the future of the profession and excited for the opportunities that lie ahead. The Scottish audit market is not without its challenges, but it was reassuring to hear that firms across the profession are grappling with many of the same issues, whether that’s pricing pressures, resource challenges or increasing regulatory requirements. There was a clear sense that while the market has become more competitive, that is not necessarily a bad thing. Greater competition encourages firms to continually improve, innovate and demonstrate value for clients.
2. There was a strong focus on the changing nature of audit, particularly the role of AI and innovation. What struck you most about how audit leaders are thinking about both the opportunities and the challenges presented by new technology?
What stood out was the level of enthusiasm around AI and the willingness of firms to embrace new technology. There is a genuine recognition that innovation has the potential to transform aspects of the audit process and improve the quality of insights we can provide. Whilst the pace of AI and technological change is undoubtedly exciting, the real challenge is rarely the technology itself. As with any significant change, success ultimately depends on changing human behaviours and encouraging people to embrace new ways of working. From what we discussed, the businesses that have been most successful in adopting AI have been very much partner-led and putting into practice that ‘tone from the top’.
3. The economics of audit was another key theme. How are firms balancing increasing regulatory and documentation requirements with the need to maintain quality, improve efficiency, and invest in new technology?
The discussion reinforced that there is no quick fix. Firms are continuing to invest heavily in technology and process improvement, but many are yet to realise the economic benefits. The focus remains on maintaining audit quality while building a more sustainable model for the future.
4. Talent and leadership are clearly critical to the future of the profession. What did you hear about the challenges of developing the next generation of audit leaders and ensuring audit remains an attractive career choice for young professionals?
Whilst the development of AI and new technologies is undoubtedly exciting and has the potential to transform many aspects of the audit process, the profession’s core purpose remains unchanged. Audit is fundamentally about exercising sound judgement and applying professional scepticism. These are inherently human attributes. Technology can enhance the quality and efficiency of our work, but it cannot replace the experience of our teams. As a result, the profession will always need talented people at its heart, and the challenge for firms is to ensure that technology supports human judgement rather than replaces it.
Audit remains a highly rewarding career, but attracting and retaining talent will depend on creating environments where people can grow, make an impact and embrace change.
5. Finally, what is the real value of bringing audit leaders together around the same table, and what are your key takeaways from the roundtable?
The greatest value comes from sharing experiences and learning from one another. While firms may compete in the marketplace, many of the challenges facing the profession are common across the industry. The roundtable provided a valuable opportunity to exchange perspectives. My key takeaway was that, despite the challenges, there is a strong appetite across the profession to innovate and collaborate. That gives me real confidence in the future of audit in Scotland.
If you are a leader within audit who is interested in attending future roundtables, or you are looking for support with your audit career or audit recruitment at your organisation, we’d be delighted to hear from you.
Please contact Fraser Burnett for a confidential discussion: [email protected].
